Client Alert: U.S. Government Appeals National Injunction Against Corporate Transparency Act
Whiteford's Tax and Private Wealth group includes practitioners who focus on all aspects of the Federal Internal Revenue Code, its regulations, and its administrative and judicial interpretations. We represent corporations, limited liability companies, partnerships, nonprofit organizations and individuals on questions dealing with income taxes, ERISA and pension benefits, estate and gift taxes, and international taxation. In addition, we have state tax law practitioners with experience in state and local tax matters, including income, sales, inheritance and property taxes.
Income and other taxes
Members of the group have extensive experience in advising businesses, individuals and non-profit organizations on a broad range of federal, state and international tax issues. For example, we guide business clients from initial start-up through maturity on all aspects of tax issues in order to enhance the tax efficiency of their activities and transactions, to limit their exposure to controversy, and to help them comply with federal, state and local tax laws. Members of our Tax Section also have substantial experience representing clients in controversy matters, including administrative appeals, litigation of state tax matters in state courts (including income and sales tax issues, nexus for income or sales tax purposes, property tax, utility and franchise tax issues), and federal tax matters in federal courts.
The attorneys in our Tax Section work closely with attorneys in our corporate and securities, real estate, litigation and employment law sections. By using this team-oriented approach, we can more comprehensively represent a wide range of clients, including sole proprietorships, closely-held businesses, partnerships, joint ventures and limited liability companies, middle market and public companies, non-profit organizations and foreign entities.
Members of our Tax Section have achieved national prominence in their areas of practice. They are active in state and federal bar associations. Three of our attorneys are past chairs of the Maryland State Bar Association's Tax Section. Members of the firm are frequent speakers at seminars on current tax issues and have been course instructors at the Graduate Tax Programs of local universities.
Employee Benefits and ERISA
Our Employee Benefits and ERISA lawyers provide advice and legal services to private sector, government and tax-exempt or not-for-profit clients on issues relating to their employee pension plans, welfare plans, deferred compensation, executive compensation arrangements, and fringe benefits. Generally, legal issues arise in connection with compliance with the Employee Retirement Income Security Act of 1974 ("ERISA"), various requirements in the Internal Revenue Code for tax qualification of pension plans or for tax preferred treatment of executive benefit programs, welfare plans and fringe benefit arrangements and under state laws and regulations.
Estate and Gift taxes
Our estate and trust lawyers can help you consider the impact of federal and state estate and gift taxes related to your estate, whether it involves traditional planning or more complex issues, such as complex family structures or closely-held business interests, and advise you on how your assets can pass to your beneficiaries in the most tax-efficient and cost effective manner.
Real Estate taxes
Our tax lawyers work closely with our real estate attorneys to structure transactions in the most efficient manner, taking into account the federal and state income tax impact on the parties involved in the transaction, as well as the recordation and transfer tax implications.
Nonprofit Organizations
We provide sophisticated and comprehensive advice on federal and state tax matters of particular relevance to associations, charities and other types of nonprofit organizations. For example, we counsel and represent nonprofit clients on matters such as obtaining and maintaining recognition of tax-exempt status, unrelated business income analysis, and structuring of subsidiaries, affiliates and joint ventures. Our nonprofit clients include professional and trade associations, healthcare providers, educational institutions, and seniors' housing and care providers.
Tax-Exempt Finance
The firm's public finance lawyers have served as bond counsel, underwriter's counsel, borrower's counsel, trustee's counsel and guarantor's counsel in tax-exempt general obligation bonds and revenue bonds, as well as other forms of financing.
International tax
Whiteford has significant experience confronting the array of international tax issues faced by U.S. individuals and companies with income or operations abroad, as well as foreign individuals and companies with income or operations in the U.S. We advise these individuals and companies on the tax implications of their cross-border transactions, including mergers and acquisitions and related financing transactions, and international restructurings, dispositions and divestitures.
Whiteford, Taylor & Preston’s Herman Rosenthal, a Senior Tax Partner who serves as Co-Chair of the Maryland Chamber of Commerce Tax Policy Committee, spoke before the Maryland Economic Development and Business Climate Commission on Wednesday, September 9. Appearing with Chamber of Commerce colleagues, Rosenthal advised that the Commission could improve Maryland’s business climate by recommending certain major tax reforms and taking a position against combined tax reporting. A full report appeared on the front page of the September 10 issue of The Daily Record.
Michael Grace spoke about partnership reliance regulations in an article which appeared in Federal Tax Weekly:
"...CCH Take Away. "Section 751(b) represents perhaps the least understood and most uncomplied with provision in all of Subchapter K," Michael J. Grace, JD, Whiteford, Taylor & Preston LLP, Washington, D.C., told CCH..."
In a continued effort to combat offshore tax evasion and increase international compliance, on June 26, 2012, the Internal Revenue Service provided updated guidance to the 2012 Offshore Voluntary Disclosure Program (the “2012 OVDP”), and announced that new compliance procedures will be available for certain non-resident taxpayers effective September 1, 2012.
This is a reminder that U.S. taxpayers with a financial interest over foreign financial accounts exceeding $10,000 in the aggregate at any point during the 2010 tax year must file a Form TD F 90-22.1 with the Internal Revenue Service (IRS) by June 30, 2011. The form must be received by the IRS by such date rather than postmarked by such date. The IRS has recently expanded the group of persons subject to the filing requirement and has also provided a new opportunity for U.S. taxpayers to file FBARs for prior years without incurring penalties.
Each year the Maryland Legislature enacts a number of laws which impact in various degrees on the personal and business lives of people living in or doing business in the State of Maryland. The General Assembly adjourned on April 8, 2002, and the Session actively concluded when the Governor enacted legislation into State law during four separate signing ceremonies on April 9, April 25, May 6 and May 16.
Baltimore – Whiteford, Taylor & Preston is pleased to announce that U.S. News and World Report - Best Lawyers ® “Best Law Firms” has awarded the firm exemplary rankings for 2018. Nineteen of the firm’s practices are ranked at the national level, including three practices with national Tier 1 rankings: Litigation, Bankruptcy and Real Estate. At the state level, an additional fifty practices have been ranked in Maryland, Washington, D.C., and VA.
The 2017 edition of U.S. News and World Report - Best Lawyers ® “Best Law Firms” has awarded Whiteford, Taylor & Preston LLP exemplary ratings in its seventh annual rankings of law firms.
Twenty of the firm’s practices were ranked at the national level, as well as thirty-seven in Maryland, ten in Washington, D.C., and two in Roanoke, VA.
Whiteford, Taylor & Preston’s Private Wealth Law practice is newly ranked Band 1 by Chambers and Partners in its 2016 High Net Worth Guide, released on June 24. According to one local lawyer, quoted anonymously in Chambers’ profile of the firm, “If I was a high net worth individual I would be going to Whiteford Taylor.” Ed Fee, also ranked Band 1, is cited as a notable practitioner. Click here for details.
Fifty-nine lawyers from Whiteford, Taylor & Preston have been selected by their peers for inclusion in The Best Lawyers in America® 2016 (copyright 2015 by Woodward/White, Inc., of Aiken S.C.). The lawyers selected are based in the firm’s Maryland, Washington and Virginia offices.
Whiteford Taylor & Preston LLP is very gratified to announce that the firm has once again received exemplary ratings in the fifth annual U.S. News & World Report rankings of law firms.
Whiteford Taylor & Preston LLP is very gratified to announce that the firm has received exemplary ratings in the second annual U.S. News & World Report rankings of law firms. In Maryland, WTP was rated highly in 34 practice areas, more than any other firm in the state.
Whiteford Taylor & Preston announced today that MaryEllen Willman and Jennifer McManus have joined the firm’s Estates & Trusts group.
Whiteford, Taylor & Preston LLP (WTP) is delighted to announce that Robert B. Curran has been named 2009 Baltimore Corporate Lawyer of the Year by Woodward/White's The Best Lawyers in America.
The Maryland Chamber of Commerce's State Taxation Consultant Karen T. Syrylo will join the list of presenters for Whiteford, Taylor & Preston LLP and Watkins, Meegan, Drury & Company LLC's Computer Services Tax Event on Tuesday, March 11, 2008. Held on the eve of Maryland's hearings on measures to revise, limit or repeal the Computer Services Tax from 3:30 to 6:00 p.m. at WTP's offices (7 Saint Paul Street, Baltimore, MD 21202), the event will be moderated by Heather A.